In Relation to Torts and Crimes, the Partnership Legislation States

question 32

Multiple Choice

In relation to torts and crimes, the partnership legislation states that if one partner causes damage to another person (tort) or incurs a penalty (crime) all the partners will be liable if:

• A)the other partners did not authorise the action.
• B)the partner who committed the wrongful act was acting in the ordinary course of business of the partnership.
• C)the partner who committed the act should not be held personally responsible for their action.
• D)the other partners knew about the wrongful act.

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Definitions:

Private Saving

The amount of income left after individuals have paid taxes and consumed goods and services, which can be used for investment or lending.

Public Saving

The portion of a government's budget that is left after accounting for all its spending, essentially the government budget surplus.

National Saving

The total amount of saving in a country, comprising both private and public saving.

Index Funds

Mutual funds or exchange-traded funds (ETFs) designed to follow certain preset rules so that the fund can track a specified basket of underlying investments.